Investors propensity to book profits is also a concern after the Sensex last week gained 419.37 points -- the best since the week ending November 29, 2013.

The economy grew below expectations at 4.7 per cent in October-December. Growth in the key infrastructure sector slowed to 1.6 per cent in January. Separate data showed fiscal deficit in the 10 months through January 2014 overshot revised estimates of Rs 5.24 lakh crore for this fiscal.

"The reaction to fiscal deficit data and GDP numbers will have to be watched out for on Monday," said Jayant Manglik, President-Retail Distribution, Religare Securities.

Jignesh Chaudhary, Head of Research, Veracity Broking Services said, "The weak GDP data declared late Friday evening would be point of concern during this week's trading."

"The technical Indicators are suggesting a bullish trend for the equity markets...BSE Sensex is expected to trade in the range of 20,850 to 21,500 and the CNX Nifty in the range of 6,150 to 6350," he added.

FII flows in secondary market revived last week and it remains to be seen whether funds keep on coming in this week as well, said a Mumbai-based broker.

Markit Economics will unveil HSBC India February Manufacturing PMI on Monday, which may also be a factor determining trade on the first day of the week.

Results of a monthly survey on the performance of India's services sector for February would come out on Wednesday.

"Going ahead, the markets would continue to follow developments on the political scene and geopolitical developments in Ukraine," said Sanjeev Zarbade, Vice President - Private Client Group Research, Kotak Securities.

Globally, China Manufacturing PMI will come out on Monday. A meeting of China's lawmakers to set economic policy and growth targets also begins next week.

In Europe, a policy meeting on Thursday of the Governing Council of the European Central Bank will be keenly watched for interest rate cues.